Financing Information

Program staff will determine eligibility based on the application process, target areas, program capacity and finances. The testing and abatement work is funded through a forgivable loan in the form of a mortgage against the property. Applicants will need to provide financial information about the property, their own income and the income of tenants.

Eligible applicants must agree to rent to low-income families (with a priority on children under six) for a period of 3 years and City staff will monitor leases, rental ads and other developments. A mortgage deed is placed on the property to ensure occupancy and HUD low-income tenant requirements are met.